SBI links savings deposits rates, short-term loans to RBI’s repo rate

State Bank of India (SBI) has linked its savings deposits rates and short-term loans to the Reserve Bank of India’s (RBI) repo rate. The new rates, linked to the external benchmark rate, would be effective from May 1, 2019. Currently, loans are linked to the bank’s cost of funds which is largely reflected through its internal benchmark Marginal Cost of Funds based Lending Rate (MCLR) declared by the bank every month.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.